SECP Commences Second Phase of Digital Transformation and Automation Project

The Securities and Exchange Commission of Pakistan (SECP) commenced the second phase of its end-to-end digital transformation and automation project Leading Efficiency through Automation Prowess (LEAP), automating its regulatory approvals and licensing regime. Phase 2A begins with the automation of insurance licensing and regulatory approvals, followed by the end-to-end automation of Non-Nanking Finance companies, the Securities Market, and Section 42 companies. In the first phases of LEAP, SECP has successfully launched its new corporate registry, “eZfile,” which is an advanced, sophisticated, and user-friendly online portal for company registration and post-incorporation filings. To kick off the second phase of digitization, the SECP, in partnership with technology implementation partner Techlogix Pakistan and project consultants Ernst & Young (EY), hosted a thematic workshop to exhibit suggested solutions to all relevant stakeholders and solicit valuable feedback. The intention was to gain a thorough grasp of user requirements, stimulate cooperation, and provide user-centric solutions that resonate with end users. Speaking the participants, the SECP Chairman Akif Saeed said that SECP is committed to facilitate and promote ease of doing business, ensure regulatory facilitation, enhance customer experience, while ensuring transparency and accountability in all its regulatory processes. SECP’s Commissioner Information Systems & Technology, Aamir Khan, said that the organization is upgrading its systems and resources to adopt the latest technology stacks and a data-driven decision-making approach, focusing on a customer-centric approach. In the interactive and consultative workshop, participants from SECP, PSX, CDC, NCCPL, brokers, surveyors and other regulated entities shared their feedback on various digital solutions and prototype of regulatory approvals and licensing.